BITCOIN 😢 Wyckoff Distribution 👇👇👇

• 🚨 I am NOT shorting Bitcoin.
  
• 💡 This is for information purposes only.
  
• 👍 I will look to accumulate Bitcoin when it finds a bottom!
  

Head and Shoulders Reversal occurred at the Up Thrust After Distribution...

Commentaire:

🚨 This is why I don't short Bitcoin!!! 🚨

💡 Possible testing of Supply Zone at $7,400-ish?

Are sellers exhausted? 😫
Or is there more supply to unload? 🤝

Price making either making...
Higher Highs ☝️☝️☝️ = Bullish 🐂
Lower Highs 👇👇👇 = Bearish 🐻
This will give us clues at what the whales are plotting... 🐳

💚 A break above $8,150 and I will have to flip bullish! 💚

Commentaire:

The Cheat Code at Supply Zone:
Uptrend = HH + HL
Downtrend = LH + LL

Commentaire:

Wyckoff Distribution Fractal on 15 Min TF
🚨 Threat is to the downside...
...but last minute day trade flip
💡 Risk to reward 1:2

Commentaire:

Short term trade posted above... expires in 2 hours. If your Stop Loss doesn't get hit... I'd take profits to be safe. Heavy resistance ahead.

Commentaire:

Stop Loss on quick, day trade flip, Long Position moved to break even at $7,320-ish

Commentaire:

Oh well, got stopped out at break even on my Long position. Looks like supply still overwhelms demand at the $7,400-ish price, Appears less likely there will be a last-minute Up Thrust Above Distribution (UTAD Test???)

Commentaire:

Volume spike failed to break above overhead resistance.... this is where you would short...

Commentaire:

My thought process is that... if the volume spike was unable to produce a Higher High... then supply is overwhelming demand no matter how many buyers and sellers are active. It's a Sign of Weakness.
(⚠️ But please use a Stop Loss in case a whale goes nuts and price pumps.)

Commentaire:

Just posted a new chart:
This appears to be a complex bearish correction at the top of a very nice rally up.
Everything in life expands and contracts

Commentaire:

🚨 Reminder:
Don't try to catch a "falling knife"!!!